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This evening, the rupee appreciated by 1 paisa to settle at Rs 83.54 against the US dollar.At the close of trading, the BSE Sensex closed at 76,810.90, up 204.33 points or 0.27%. During the day's trading, it touched a new high of 77,145.46. On the other hand, the NSE's 50-share index Nifty closed at 23,398.90, up 75.95 points or 0.33%. It also reached a new high of 23,481.05 points during the day's trading.Read more :- Mali’s Cotton Crisis: Unpaid Farmers Threaten Economic Stability

Unpaid Farmers in Mali's Cotton Crisis: Endangering Economic StabilityMali’s cotton growers face severe financial hardship due to months of unpaid wages, jeopardizing future production and creating widespread economic instability. Many cotton cooperatives, especially in rural areas like Defina, have not received payments for their 2023 harvest. This financial strain threatens the livelihoods of countless farmers who have long been the backbone of Mali’s economic development, particularly in cotton-growing regions. Frustration is mounting, with calls for the resignation of the CMDT’s Managing Director, who is seen as responsible for resolving the crisis.Cotton is Mali’s second-largest export, vital for national income, with gold being the top export. However, 2023 cotton exports fell significantly, 29% short of initial forecasts, worsening the situation. Former Prime Minister Moussa Mara has urged the CMDT to prioritize paying farmers before the Tabaski holiday. Timely payments are essential to encourage continued cotton production and help Mali regain its previous position as Africa’s leading producer, a title currently held by Benin.Mali’s cotton production crisis threatens both farmers’ well-being and national economic stability. Economists emphasize the urgency for authorities to take action, ensuring payments and boosting production. Only decisive steps can help Mali reclaim its position as a leading cotton producer in Africa.

This evening, the rupee appreciated by 2 paise to close at 83.55 against the US dollar.At the close of trading, the BSE Sensex rose 149.98 points or 0.20% to close at 76,606.57. The NSE's 50-share index Nifty rose 58.70 points or 0.25% to close at 23,323.55.Read more :- Textile industry in TN looks up to central govt to regain its past glory

North sources claim that India's fizzling monsoon could prolong the heatwave.India's monsoon rains have lost momentum after covering western regions ahead of schedule, and their arrival in northern and central states could be delayed, extending a heatwave in the grain-growing plains, two senior weather officials told Reuters.Summer rains, critical to spur economic growth in Asia's third-largest economy, usually begin in the south around June 1 before spreading nationwide by July 8, allowing farmers to plant crops such as rice, cotton, soybeans, and sugarcane."The monsoon has slowed down after reaching Maharashtra and may take a week to regain momentum," an official of the India Meteorological Department (IMD) told Reuters.The monsoon arrived nearly two days ahead of schedule in the western state home to the commercial capital of Mumbai, but its progress in central and northern states will be delayed by a few days, added the official, who sought anonymity.The lifeblood of the nearly $3.5-trillion economy, the monsoon brings nearly 70% of the rain India needs to water farms and refill reservoirs and aquifers.In the absence of irrigation, nearly half the farmland in the world's second-biggest producer of rice, wheat and sugar depends on the annual rains that usually run from June to September.The maximum temperature in India's northern states ranges between 42 degrees Celsius and 46 degrees C (108 degrees Fahrenheit to 115 degrees F), which is nearly 3 degrees C to 5 degrees C (5 degrees F and 9 degrees F) above normal, the IMD data showed.India's northern and eastern states, such as Uttar Pradesh, Bihar, Punjab, Haryana, Uttarakhand and Odisha, are likely to experience days of heatwave in the next two weeks, another weather official said."Weather models are not indicating any early respite from the heatwave," the official said. "The delay in the monsoon's progress will increase temperatures in the northern plains." Both officials sought anonymity because they were not authorised to speak to the media.India is among several parts of Asia wilting in an unusually hot summer, a trend scientists say has been worsened by human-driven climate change.Read More :> Textile industry in TN looks up to central govt to regain its past glory

TN's textile sector turns on the federal government to restore its former grandeur.The textile industry in Tamil Nadu is appealing to the central government to remove the 11% import duty on cotton to regain its competitive edge in the global market.COIMBATORE: The decline in orders from Western countries has severely impacted at least 35% of spinning mills and fabric manufacturers in Coimbatore and Tiruppur districts. Industry associations report difficulty in competing with Bangladesh, China, and Vietnam, despite the price of cotton candy falling from ₹1.10 lakh in 2021-22 to ₹57,000 - ₹60,000. The 11% duty on cotton imports and quality control orders on certain fibre varieties are major hurdles.K. Selvaraju, Secretary General of The Southern India Mills’ Association (SIMA), emphasized the issue, stating, "Despite falling cotton prices, mills can't benefit due to cheaper cotton and synthetic fabric imports from Bangladesh, which are 15% and 8%-15% cheaper respectively. Exports are also suffering as orders from Western countries have dropped significantly. The government must remove the 11% import duty on cotton to help India become competitive globally."Selvaraju also suggested easing import norms for synthetic fibre, as under the current quality control order, polyester staple fibre can only be purchased from BIS licensees.S. Jagadesh Chandran, Secretary of the South Indian Spinners Association (SISPA), noted that "around 25% of the 2000 spinning mills in Tamil Nadu have ceased operations, as leading brands now import fabric from Bangladesh. Factors such as electricity tariffs and labor costs further impact the mills. Regardless of their size, mills incur an operating loss of around ₹20 per kilo of yarn produced."Prabhu Dhamodharan, Convener of the Indian Texpreneurs Federation (ITF), highlighted, "Retailers in developed markets exhausted their inventory in the last two quarters of 2023 and have been purchasing since the beginning of this year. Although orders are returning, we face intense competition from Bangladesh and Vietnam. The current stability in cotton prices is favorable, but we need to build competitiveness and diversify products to mitigate pressure from competition."Dhamodharan added that the industry anticipates new government measures to regain competitiveness and specialization to leverage the China-plus-one strategy. He expressed optimism, saying, "We expect a considerable drop in the import of dyed knitted fabric from China after the imposition of additional duty, which will allow the domestic sector to gain volumes from July."READ MORE :> IMD Weather Update: Heatwave Conditions Expected in Parts of India Until June 15

In early trade, the rupee climbs 5 paise to 83.54 against the US dollar. Indian equity benchmark indices, Sensex and Nifty 50, opened higher on Wednesday. The indices rose 0.6% each in early trade led by gains in tech stocks. The rupee rose 5 paise to 83.54 against the US dollar in early trade.READ MORE :>  Hanumangarh: Fear of pink caterpillar leads to massive reduction in cotton sowing area

The rupee lost 6 paise vs the dollar this evening, closing at 83.57 rupees.At the close of trade, the BSE Sensex closed down 33.48 points or 0.044% at 76,456.59. At the same time, NSE's 50-share index Nifty closed at 23,264.85 with a marginal gain of 5.65 points or 0.024%.Read more :- Hanumangarh: Fear of pink caterpillar leads to massive reduction in cotton sowing area

Hanumangarh: A significant decrease in the cotton sowing area is caused by a fear of pink caterpillars.Cotton sowing has come down drastically this season and is much less than last year's 2 lakh hectares. The sowing area has come down by 50%, the lowest in a decade. This has raised concerns about the economy of the district.Cotton is a major kharif crop and a primary source of income for farmers, contributing significantly to the district's economy. Last year, an infestation of pink caterpillars devastated 80% of the cotton crop, leading to huge financial losses. As a result, farmers have turned to alternative crops such as paddy, guar, moong, sesame and millet, which are expected to increase in sowing area this year.Despite efforts by the agriculture department to educate farmers about pest control, fear of another caterpillar infestation has put cotton sowing on hold. This shift could impact the economy of the district, which traditionally earns around Rs 4 thousand crore from cotton grown in 2 lakh hectares. While other crops like paddy and sesame promise good yields, the overall economic impact remains uncertain.Key changes in crop sowing:Cotton: Decreased from 2 lakh hectares to 90 thousand hectares.Paddy: Expected to increase from 35 thousand 900 hectares last year to 70 thousand hectares.Groundnut, Guar, Moong and Sesame: Sowing areas are also expected to increase significantly.B R Bakolia, Assistant Director of Agriculture (Extension) in Hanumangarh confirmed the trend and informed that cotton sowing has come down, but there is optimism about the yield of other crops. Final sowing data will be available next week.Read more :- IMD Weather Update: Heatwave Conditions Expected in Parts of India Until June 15

IMD Weather Update: Up until June 15, heatwave conditions are predicted in some parts of IndiaThe India Meteorological Department (IMD) has issued a heatwave warning for several regions in India, effective until June 15. The affected areas include parts of Jammu and Kashmir, Uttarakhand, Punjab, Haryana-Chandigarh-Delhi, Jharkhand, and Odisha, where heatwave conditions are expected from June 11-15.In addition, Himachal Pradesh and Madhya Pradesh may experience similar conditions from June 12-15, and Rajasthan is likely to face heatwave conditions on June 12 and 13. East Madhya Pradesh may also encounter warm night conditions on June 11 and 12.Isolated areas of Gangetic West Bengal and Bihar are expected to face severe heatwave conditions on June 11 and 12, while pockets of Uttar Pradesh may experience similar weather from June 11-15.On Tuesday, maximum temperatures ranged from 42-45 degrees Celsius in parts of Delhi, Uttar Pradesh, Punjab, Rajasthan, Haryana, and isolated areas of Bihar, Jharkhand, East Madhya Pradesh, and Gangetic West Bengal. These temperatures were 3-5 degrees Celsius above normal.The IMD also predicts heavy to very heavy rainfall over South Madhya Pradesh, Konkan and Goa, Madhya Maharashtra, Marathwada, and Coastal and North Interior Karnataka on June 11. Parts of Assam, Meghalaya, West Bengal, Sikkim, and Sub-Himalayan West Bengal are likely to see heavy rainfall from June 11-14, with Arunachal Pradesh expecting similar conditions on June 13 and 14.Additionally, scattered light to moderate rainfall accompanied by thunderstorms, lightning, and gusty winds (up to 30-40 km/h) are forecast for Gangetic West Bengal, Bihar, and Odisha from June 12-14. Similar conditions are expected in pockets of Madhya Pradesh, Vidarbha, and Chhattisgarh over the next five days. Strong surface winds are predicted for Rajasthan, Uttar Pradesh, and Haryana until June 14.Read More :>  Cotton Sowing Commences in South India with Advancing Monsoon

The advancing monsoon in South India marks the start of cotton sowing.As chilli prices weaken, the natural fibre crop may gain in Telangana, says trade.A firm trend in cottonseed prices is supporting cotton prices as sowing for the kharif 2024 season begins in the southern states of Karnataka, Telangana, and Andhra Pradesh, which have started receiving monsoon rains. The trade expects cotton acreage to rise in Telangana, where some chilli farmers may shift to cotton due to weak chilli prices.“The cotton-growing areas in Karnataka and Telangana have received a couple of spells of rain, which is a positive sign for the crop,” said Ramanuj Das Boob, a sourcing agent for multinationals and domestic buyers in Raichur. The expectation is that there will be an increase in area in Telangana as cotton prices are ruling firm ahead of the planting season, while chilli prices are not that great and may prompt farmers to go for cotton, Boob said.The monsoon, which began in the last week of May, has advanced, covering most of Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, most parts of Telangana, and parts of Maharashtra.Inhibiting Factors“All the major cotton-producing states such as Telangana, Andhra Pradesh, and Karnataka have received good rainfall, and seed purchases have picked up in the past couple of days,” said Baya Reddy, agri-inputs sales leader at BigHaat, an online marketplace for agri-inputs. The purchase progress of cottonseeds ranges between 35% and 50% in these states, and planting may have taken place in about a tenth of the targeted areas. Reddy noted that cotton acreages are likely to decrease in a few areas such as Kurnool and parts of Telangana due to crop shifts that vary from market to market.In North India, where cotton planting begins early from mid-April, acreages are likely to drop by about a fourth due to factors such as increased pest infestation in recent years and rising labor costs.Kapas Prices Remain FirmBoob mentioned that raw cotton, or kapas, prices are ruling firm and ranging around ₹7,500-7,600 per quintal, above the minimum support price (MSP) levels in parts of Karnataka and Telangana. An increase in demand for cottonseeds for crushing is keeping prices firm, even as market arrivals of raw cotton have dwindled. In Karnataka, the daily market arrivals of cotton are around 2,000 bales, while in Maharashtra, it is around 15,000-20,000 bales. Boob said the cottonseed prices are ruling between ₹3,300 and ₹3,500 per quintal, up from around ₹2,800-3,000 about a month ago.READ MORE :> Increase in Kharif Cotton Cultivation Expected in Adilabad District

In early trade, the rupee opens flat vs the US dollar.The RBI’s positive economic outlook is likely to benefit the rupee from a favourable interest rate differential, say forex dealers; the Indian currency opened at 83.49 against the American currency and touched 83.50 in initial tradeREAD MORE :> AUSTRALIA'S Cotton crop production is forecast to reach 4.6 million tonnes for 2023-24